A company is generally known in the market with its net worth, its market positions, shares and demand for its products. The reason for all this is either a single brain or a team of brains. It is very important to keep them satisfied and safeguarded for the company to continue shining and maintain its position in the market.
Generally companies take up many employee welfare programmes like insurance cover, timely loans etc… But is this enough for the big head in the company? No, there has to be something bigger and greater than this and it is the keyman insurance policy. This insurance policy, though is in the name of the person, is for the company at times of emergencies. A company that has a keyman insurance for the important person in it represents its identity in the market and instills a confidence in the shareholders and clients.
The amount of the insurance cover depends upon the importance of the person in the company. In fact, every company should strive to get the maximum they can so that it serves the intended purposes better. They have to first hunt the market for the various agencies that offer this policy and try to choose the one with maximum pay-offs and benefits.
It is a general fact that most of the young entrepreneurs, in their anxiety to make money and enter the competitive business world to establish themselves, forget about the keyman insurance which is actually an important recognition for them.Keyman insurance is a distinguishing element for a company. A person becomes eligible for this, when His roles and responsibilities are proved to be the most important in the company.This insurance also requires the company to have a hiring plan for replacement.It also requires the existing employees of the company to constantly talk about them and their business instilling in others the anxiety and interest in taking up a position in the company.
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